Access Bank Plc has successfully completed its acquisition of Standard Chartered Bank’s subsidiaries in Angola and Sierra Leone. The announcement was made in a statement released on Wednesday by the Company Secretary, Sunday Ekwochi.
The acquisition stems from agreements signed in July 2023 between Access Bank and Standard Chartered, covering subsidiaries in Angola, Cameroon, The Gambia, and Sierra Leone, as well as Standard Chartered’s Consumer, Private, and Business Banking operations in Tanzania.
These deals required approval from regulatory authorities in each country and Nigeria. On Wednesday, Access Bank confirmed the successful conclusion of the Angola and Sierra Leone transactions.
Commenting on the milestone, Roosevelt Ogbonna, Managing Director and Group CEO of Access Bank, stated, “These acquisitions mark a significant step in strengthening our presence in Angola and Sierra Leone, enhancing our earnings and expanding our Corporate and SME banking portfolios in both markets.”
The bank is now focused on completing the acquisition of Standard Chartered’s operations in Cameroon, The Gambia, and Tanzania.
This development is part of Access Bank’s broader strategy to expand across Africa and beyond. Recently, Access Bank UK announced plans to acquire a majority stake in AfrAsia Bank Limited, Mauritius’ fourth-largest bank by assets, totaling $5.7 billion as of mid-2024.
Access Bank UK aims to position Mauritius as a key hub for trade finance, wealth management, and corporate banking services, further extending the group’s international reach.
